PE-backed regional private lender Ratnakar Bank Ltd (RBL) has raised Rs 328 crore ($54.5 million) from a group of investors as part of a new round, which takes its total disclosed private funding to date to over $230 million.

CDC had recently disclosed it has invested $28 million (Rs 168 crore) in RBL to acquire 4.8 per cent stake, valuing the bank at Rs 3,500 crore ($583 million). The bank has now said it is part of a larger round in which others also participated.

Asia Capital and Advisors Pte Ltd joined CDC to invest in the bank and existing investors—IFC, Gaja Capital—also put in more.

Founded in 1943, Ratnakar Bank was traditionally concentrated in Maharashtra, Karnataka and Goa. In 2010, however, a new management team was brought in to pursue an expansion strategy. Today the bank has a business size of over $3.5 billion and offers its services to over 500,000 customers.

Ratnakar Bank currently has a network of over 160 branches with 350 ATMs across 12 Indian states. It offers specialised services under the five business verticals—corporate & institutional banking, commercial banking, retail banking, agri & development banking and financial markets.

Last year in February, the bank raised $60.64 million from a group of investors, including Aditya Birla PE, IFC, IDFC Alternatives and Ascent Capital, among others, which valued it at around $511 million, according to VCCEdge, the data research platform of VCCircle.

In August 2013, it had acquired the business banking, credit cards and mortgage portfolios of Royal Bank of Scotland (RBS) for an undisclosed amount.